BUSD dips beneath DAI market cap after $95 million burn
Quick Take
- A $95 million burn of BUSD caused the stablecoin’s market capitalization to fall below that of rival DAI.
The market capitalization of the BUSD stablecoin has dipped below rival DAI after a $95 million burn.
"The decline of BUSD is inevitable given that Paxos stopped issuing it back in February, but it did manage to maintain its third most dominant position for over three months since then," says Rebecca Stevens, a research analyst at The Block Research.
A graph of DAI vs BUSD supply by The Block Pro Data.
BUSD burn rate
"There has been a bit of an uptick in BUSD burn rate on the heels of last week's Binance lawsuit which named the stablecoin a security, pushing its supply below that of DAI's," Stevens added.
Indeed, BUSD has also been losing its share of the total Ethereum stablecoin supply since March of this year, The Block data shows, as USDT and USDC increase their dominance.
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